The latest RICS UK Residential Market Survey has found that Scotland’s supply of residential housing is rising at a quicker rate than anywhere else in the UK.
While the picture for the rest of the UK shows that, post-general election, a surge in new vendor instructions has failed to materialise, a net balance of 30% more Scottish surveyors reported the opposite experience.
In addition, the survey revealed that 23% more surveyors reported a rise in new buyer enquiries, and that the news for Scottish house prices appears to be more positive than in other parts of the UK. When asked if they’d seen prices rise in May 2015, 43% more members reported an increase compared to those who said they hadn’t seen any increase in prices.
According to RICS, 41% more surveyors expect prices in Scotland will continue to rise over the next three months.
The survey also shows that supply to the rental market in Scotland remains buoyant, with 25% more respondents receiving new instructions – the second highest figure anywhere in the UK (after Wales).
“The property market in Scotland frequently defies trends across the UK, and that’s particularly evident in May,” commented Sarah Speirs, RICS Director Scotland. “While the rest of the UK has seen a fall in the supply of homes being sold and being put up for rent, that’s not the case in Scotland. RICS members are also reporting a steady increase in demand from buyers.”
“It is further expected that prices will continue to rise both in the next few months and over the course of the next year,” she added.
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